Dec 31, 2012 9:00pm PST
-called fiscal cliff just in time before the new year begins. senate to vote on the deal tonight. democratic leaders including senator feinstein and boxer from california just left capitol hill within the past hour or so and vice president biden spoke just few minutes ago. listen. >> i feel in very, very good. i think we'll get a very good vote tonight but happy new year. i will see you all maybe tomorrow. >>reporter: it looks like they get it done just in the nick of time. what does the imagine include exactly. karen travers has the details. >> don't start popping the champagne yet but tonight a major step to avoid the fiscal cliff. after days of intense negotiations white house and senate republicans reached a deal and vice president biden went up to the capitol hill to sell it to senate democrats. >> happy new year. >>reporter: biden swooped in at the 11th hour to hammer out a way forward with mcconnell. the agreement would permanently extend the bush tax cuts for individuals making under 40 400,000 holding making under 4 50,000. raise the estate tax valued at more than 5 million dollars and extend unemployment benefits for 1 year for some two million people. and those automatic spending cuts go
Dec 30, 2012 9:00pm PST
the new year's eve midnight hour when budget cuts swoop down from the fiscal cliff. harry reid and mitch mcconnell are working on a stopgap bill. >> at some point the negotiating process it appears there are things that have stopped us in moving forward. i hope we're not there but we're getting real close. >> i want everyone to know i am willing to get this know, but i need a dance partner. >> the legislation would prevent a tax increase for 98% of american workers, extend unemployment benefits and prevent a huge cut in payments to medicaid doctors. >> we should introduce legislation to make sure that middle-class taxes stay where they are. >> even if they reach a deal it won't pass congress by monday night. if it doesn't everybody's income taxes will go up. the average family would pay $3,324 would. if congress doesn't passion a new bill? >> we'll come back with a new congress in january 4th and first bill will be introduced on the floor will be to cut taxes on middle-class families. >> the bargaining continues tonight. >> ama: in two dates, new laws to take effect in california.